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OPINION

Martell: Reinstate enterprise zones

We have a superb program in place in Florida, that since 1997 has prompted significant investment to over 65 challenged areas around the state and created 130,000 jobs in those areas. The Florida Enterprise Zone Program was the catalyst for 5,306 new or relocated businesses that populated the Enterprise Zones in 2013 alone.

This valuable program is scheduled to sunset at the end of 2015, so now’s the time to act to ensure the statute is reinstated by the Florida Legislature. This is crucial to the continued success of economic development efforts in Florida.

The program was established to stimulate business growth in areas with untapped development potential in Florida, and that’s exactly what occurred. It created new jobs, increased property values, attracted new residents to these areas and improved the social and economic well-being of residents.

While participation remains low in some of the zones, the potential for the program’s success is fully realized in areas such as Miami-Dade and Leon counties. According to the 2013 annual report by the Department of Economic Opportunity, the Miami-Dade County Enterprise Zone regions assisted a total of 1,982 businesses and helped to establish 2,670 new businesses. There were also 6,689 jobs created by the incentivized jobs tax credit, totaling $4,186,770.

In the Enterprise Zones that service Leon and Wakulla Counties, 586 businesses were assisted, 30 new businesses were born and more than 125 jobs were created from 2013 to 2014. This success was accomplished with as little as $200,000 in total tax incentives.

Areas with high poverty and crime rates, deteriorated infrastructure and population decline depend upon a system like this for government assistance in the areas of development and safety. Over the years the program has delivered a strong return on investment to the businesses and citizens of this state, and there is no sense in discontinuing this type of return now.

It is imperative that we urge state legislators to reauthorize the Florida Enterprise Zone program. It’s proven its value, and we still have work to do on a number of areas in our great state.

Daniel Martell is the president of the Economic Council of Palm Beach County, Inc.